VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2012) - Archean Star Resources Inc. (TSX VENTURE:ASP.V - News) ("Archean" or the "Company") announces the results of its recently held first Annual and Special General Meeting, as set out in the Company's Information Circular mailed to shareholders of record on May 9, 2012.
13,109,649 or 29.36% of the issued and outstanding shares of the Company were voted, both by proxy and shareholders present. Graeme O'Neill, John Pegg, Jeff Williams and Clay Conway were re-elected as directors, and by motion, the previously approved number of directors was increased from four to six. There are now two vacancies on the Board to be filled.
Charlton and Company were re-appointed as auditors to the Company and the Stock Option Plan, and Amendment of Stock Options was approved.
The Company announced in the Information Circular that it is considering a potential transaction whereby it may acquire an interest in a mineral property that may involve the issuance of a number of common shares that may result in a change of control of the Company. By shareholder resolution at the meeting, shareholder approval was received for a potential change of control, after which the meeting was adjourned.
The Company reports that during preparation for its upcoming Annual Special and General Meeting it has identified approximately 26% of the Company's issued shares as being held by shareholders in Australia and New Zealand. In order to facilitate these shareholders ability to trade the Company's shares it is investigating co-listing the Company's shares on the Australian Stock Exchange ("ASX").
Archean Star Resources Inc. is a junior exploration company that, through its wholly-owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck Australia Pty Ltd's interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia. Kent Exploration Inc. (TSX VENTURE:KEX.V - News) with approximately 10,000,000 shares, or 22% of the outstanding common shares, is the largest shareholder.
This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release.
Archean Star Resources Inc.
(888) 282-7763 (FAX)